Tagged: Barclays

Barclays faces US fine from regulators over power price manipulation charges

The Guardian:

Barclays is facing court action in the US as energy regulators attempt to force the scandal-hit UK bank to pay a $470m (£330m) penalty for allegedly manipulating power prices in California.

The US federal energy regulatory commission (Ferc) said it had filed a suit seeking an order to affirm its previous demand for civil penalties from the bank and four of its former traders.

The potential penalty was announced a year ago, but Barclays insists it has not broken any laws in the way it traded electricity prices in California over two years to December 2008.

Ferc’s intended penalty, which comprises a $435m fine and a handover of $35m profits to low-income households, is even larger than the £290m that Barclays paid last year for rigging Libor.